NYC New Developments

Related Companies' 70 Vestry Street condo-offering plan has just been recently approved, expecting a sellout volume of $700 million, according to theRealDeal. The 47 apartments will fetch an average price of a whopping $14 million apiece.

The JDS Development Group, in partnership with Property Markets Group, originally planned and filed for a 679-foot, 51-story building at 107 West 57th Street. Now it looks like plans have changed. Earlier this week, the partnership bought Steinway Hall at 109 West 57th Street, and it seems that purchase was primarily for the air rights.

The tallest residential building in the western hemisphere, set for completion in 2015, is hitting the market with record-breaking prices. The 126 new apartments will rake in a combined $2.7 billion—a sum that has never been reached before. This amounts to an average of $6,742 per square foot. It is the third time 432 Park Avenue has increased its price forecast; the last prediction was set at $5,941 per square foot.

Major New York-based real estate owner and developer Alchemy Properties has finally unveiled the rendering design of 35XV, located (as the name would suggest) at 35 West 15th Street in the Flatiron District. The project, which was announced in 2008, hasn’t had an easy history. Neighbors, especially from the nearby condo building at 16 West 16th Street, have complained about the plan. Things calmed down, however, and the good news is that Alchemy is proceeding.

The nearly 4-year delayed construction at 56 Leonard Street in Tribeca has been backed by a $350 million loan. Seven banks, led by Bank of America, granted the loan. The developer, Alexico Group, purchased the site from New York Law School for $135.5 million and set the foundations of the building three years ago.

Development of the 150,000-square-foot site at 953-961 First Avenue has been on and off for many years, but as one of the most prolific contractor/development company in USA., The Toll Brothers, have done just what you'd expect. It’s been some while since we heard any news about the seemingly deserted site but The Toll Brothers has affirmed that the best property investment in the market is in NYC. They have decided to grab the site for a proud sum of $64 million.

Get a taste of NYC luxury living and keep an eye on 57th Street in Manhattan, as it becomes increasingly evident of its becoming Manhattan’s most exclusive street in New York. For those who are considering this side of the city, keep your eyes and ears open.

The future of New York has broken ground on the largest undeveloped property in Manhattan, Hudson Yards. Once a railroad storage yard, the $15 billion project on Manhattan’s West side is now America’s largest and densest site for real-estate development. Mayor Michael Bloomberg called it one of the largest private developments ever undertaken in the United States. Related Companies, the lucky developer of this gigantic 26-acre site, is responsible for the site’s 13.3 million square feet of upcoming office, residential, and retail space.

Gary Barnett’s Extell Development plans to build an 88-story building with 233 residential units at 217 West 57th Street — just a block away from Extell’s current construction site of One57.

Adamson Associates (AAI) Architects is listed as the architect on the permit application. Among the firm’s current projects are three World Trade Center towers, Port Authority Bus Terminal overhaul, One Bryant Park, Times Square Building, Hearst Tower, MOMA Tower and the Goldman Sachs Global Headquarters.

The financial crisis that destroyed anything and everything in its path included 56 Leonard Street. The result was a delay of nearly 4 years with the foundation having been set three years ago and with no work being done since. The wait is over and the construction work is expected to begin next week on the innovatively designed building. Being developed by Alexico and designed by Herzog & de Meuron, the building endured a good amount of criticism.

It almost feels surreal to keep reporting positive news about SPURA, after five decades of discussions, negotiations and disagreements. The City Council has approved the redevelopment plan for the area in Manhattan’s Lower East Side totaling a span of 1.65 million square feet. Next, the city will call on developers for proposals. The best proposal will be selected by the city with help of the community board.

Arabella 101 in Manhattan's East Village was the first luxury rental building constructed on Avenue D, despite its rather negative reputation as an unsafe area. The Local reports that the developer Rash LCC has purchased four adjacent lots at the corner of Avenue D and East Fifth Street for $3.6 million in order to build a new luxury rental building with studios as well as 1, 2, and 3 bedroom apartments.

The magical 750-unit “Pyramid” development project at 625 West 57th Street, designed by Danish architect Bjarke Ingels, will not stick to the LEED checklist and possibly not receive a proper certification. The developer, The Durst Organization wants to be more innovative and employ its own environmental criteria, according to The Wall Street Journal.

It’s official; the City Planning Commission approved the re-development of the Seward Park Urban Renewal Area (SPURA) this morning. SPURA is the largest tract of undeveloped New York City-owned land in Manhattan south of 96th Street. The decision was unanimous and the next step for the development is for the City Council to approve the land use plan. Once the City Council approves the plan, the bidding from developers will begin. The best proposal will be selected by the city with help of the competent community board.

The re-development of the Seward Park Urban Renewal Area (SPURA) is finally headed to its next stage. Community boards and city officials formed an agreement after nearly five exhausting decades of discussions, negotiations and disagreements. The area in Manhattan's Lower East Side spans 1.65 million square feet. It is supposed to be used for 900 housing units and nearly 1 million square feet of commercial space. The most controversy came from the issue of the ratio of affordable housing to market price housing.